Timer Market

The global timer market is expected to see a slight increase in consumption, with an anticipated CAGR of +1.1% from 2022 to 2030. China leads in production and exports, with a decrease in import and export prices in 2022. The market value is projected to reach $652M by the end of 2030, with the highest per capita consumption registered in Israel.

Market Forecast

Driven by rising demand for timer worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.1% for the period from 2022 to 2030, which is projected to bring the market volume to 9.1M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.9% for the period from 2022 to 2030, which is projected to bring the market value to $652M (in nominal prices) by the end of 2030.

Consumption

World Consumption of Timers

In 2022, the amount of timers consumed worldwide reached 8.4M units, increasing by 4.8% against the previous year's figure. Overall, consumption, however, continues to indicate a abrupt setback. Global consumption peaked at 19M units in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

The global timer market revenue expanded remarkably to $561M in 2022, picking up by 7.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, showed a abrupt decrease. Global consumption peaked at $2.1B in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.9M units), the United States (988K units) and India (864K units), together accounting for 45% of global consumption. The UK, Israel, Brazil, Turkey, Nigeria, Bangladesh, Indonesia and France lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Israel (with a CAGR of +43.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($129M), India ($95M) and China ($25M) were the countries with the highest levels of market value in 2022, together comprising 44% of the global market. Bangladesh, Indonesia, Nigeria, the UK, Israel, Brazil, Turkey and France lagged somewhat behind, together accounting for a further 13%.

Israel, with a CAGR of +32.1%, recorded the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of timer per capita consumption was registered in Israel (39 units per 1000 persons), followed by the UK (8.8 units per 1000 persons), the United States (2.9 units per 1000 persons) and Turkey (2.8 units per 1000 persons), while the world average per capita consumption of timer was estimated at 1.1 units per 1000 persons.

In Israel, timer per capita consumption expanded at an average annual rate of +40.9% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: the UK (+1.2% per year) and the United States (-7.9% per year).

Production

World Production of Timers

Global timer production reduced slightly to 15M units in 2022, with a decrease of -1.9% against the previous year. Overall, production recorded a deep reduction. The pace of growth appeared the most rapid in 2018 with an increase of 153%. Global production peaked at 36M units in 2012; however, from 2013 to 2022, production remained at a lower figure.

In value terms, timer production reached $549M in 2022 estimated in export price. Over the period under review, production showed a abrupt downturn. The most prominent rate of growth was recorded in 2018 with an increase of 10%. Global production peaked at $2.8B in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Production By Country

China (11M units) constituted the country with the largest volume of timer production, accounting for 71% of total volume. Moreover, timer production in China exceeded the figures recorded by the second-largest producer, Hong Kong SAR (997K units), more than tenfold. The third position in this ranking was taken by the United States (802K units), with a 5.4% share.

In China, timer production decreased by an average annual rate of -7.2% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Hong Kong SAR (-2.6% per year) and the United States (-9.1% per year).

Imports

World Imports of Timers

In 2022, global timer imports reduced to 4.5M units, shrinking by -9.3% on 2021. The total import volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 29%. As a result, imports reached the peak of 5M units, and then contracted in the following year.

In value terms, timer imports soared to $110M in 2022. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 25%. Over the period under review, global imports reached the maximum at $144M in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports By Country

In 2022, the UK (608K units), followed by Israel (369K units), Brazil (338K units), Turkey (255K units), Hong Kong SAR (241K units) and the United States (226K units) were the main importers of timers, together mixing up 45% of total imports. Slovenia (180K units), Italy (142K units), Belgium (133K units), Poland (125K units), Singapore (122K units), the Philippines (113K units) and Japan (113K units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Israel (with a CAGR of +42.9%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the UK ($8.9M), the United States ($8.7M) and Italy ($8.5M) appeared to be the countries with the highest levels of imports in 2022, together accounting for 24% of global imports. Japan, Poland, Belgium, Singapore, Brazil, Israel, Hong Kong SAR, the Philippines, Turkey and Slovenia lagged somewhat behind, together accounting for a further 17%.

Poland, with a CAGR of +24.3%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average timer import price amounted to $24 per unit, picking up by 28% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. Over the period under review, average import prices attained the peak figure at $32 per unit in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Italy ($60 per unit), while Turkey ($2 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+24.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Timers

In 2022, the amount of timers exported worldwide declined to 11M units, which is down by -9.4% on 2021 figures. In general, exports showed a deep reduction. The most prominent rate of growth was recorded in 2018 when exports increased by 383% against the previous year. The global exports peaked at 22M units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, timer exports expanded modestly to $162M in 2022. Over the period under review, exports showed a mild slump. The pace of growth appeared the most rapid in 2021 when exports increased by 17% against the previous year. The global exports peaked at $188M in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

China represented the main exporter of timers in the world, with the volume of exports resulting at 8.7M units, which was approx. 80% of total exports in 2022. It was distantly followed by Hong Kong SAR (1.2M units), constituting an 11% share of total exports. Slovenia (191K units) took a little share of total exports.

Exports from China decreased at an average annual rate of -7.6% from 2012 to 2022. Hong Kong SAR (-1.9%) and Slovenia (-8.6%) illustrated a downward trend over the same period. Hong Kong SAR (+4.4 p.p.) significantly strengthened its position in terms of the global exports, while China saw its share reduced by -8.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($43M) remains the largest timer supplier worldwide, comprising 26% of global exports. The second position in the ranking was taken by Hong Kong SAR ($3.4M), with a 2.1% share of global exports.

From 2012 to 2022, the average annual rate of growth in terms of value in China totaled -3.0%. In the other countries, the average annual rates were as follows: Hong Kong SAR (-7.3% per year) and Slovenia (-4.3% per year).

Export Prices By Country

In 2022, the average timer export price amounted to $15 per unit, picking up by 13% against the previous year. Over the period under review, the export price saw prominent growth. The most prominent rate of growth was recorded in 2015 when the average export price increased by 431%. As a result, the export price reached the peak level of $51 per unit. From 2016 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Slovenia ($5.5 per unit), while Hong Kong SAR ($2.8 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.9%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform